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On January 19, 2018, the Commodity and Futures Trading Commission (CFTC or the Commission) filed separate enforcement actions against two individuals and their respective companies for fraudulent activity involving virtual currencies. The next day, shortly after announcing the charges publicly, the CFTC released a joint statement with the Securities and Exchange Commission (SEC) reiterating their joint commitment to stopping and preventing fraud in the offer and sale of digital instruments. Then, on January 24, the Commission announced that it had unsealed charges against a virtual currency exchange website and its controlling individuals. Collectively, these actions confirm a regulatory environment of increased oversight of this emerging asset class.

An Update on Brexit and the Implications for General Data Protection Regulation (GDPR)

Following the “Leave” result of the United Kingdom’s referendum on its membership in the European Union, there has been uncertainty regarding the implementation of the General Data Protection Regulation (GDPR) due to come into effect on 25 May 2018. Our report on the GDPR explains the key changes to Data Protection Law.

On 24 October 2016, the Secretary of State for Culture, Media and Sport, Karen Bradley MP, confirmed that the UK will still be in the EU in 2018 and will be opting-in to the GDPR. As a result, businesses collecting or using personal data while providing goods or services in the EU of EU data subjects will be subject to the new regulations.

The UK’s data protection authority, The Information Commissioner’s Office, supports this stance taken by the government and has confirmed it will issue a statement in the next month setting out a timeline for publishing its guidance on the GDPR in the upcoming months.

Both the ICO and UK government have reiterated the necessity of complying with the GDPR. In light of the increased scope of fines for non-compliance with the GDPR, it is imperative that businesses assess the steps they need to take to ensure compliance by May 2018.